Category: Stock Market News

Dropbox Inc. priced its initial public offering at $21 a share late Thursday, above its expected range, according to The Wall Street Journal. Earlier this week, Dropbox wrote in a Securities and Exchange Commission filing that it raised its expected range to $18 to $20 a share, from the $16 to $18 a share it had previously expected. Dropbox logged $112 in net losses on revenue of $1.1 billion in 2017, compared to losses of $210 million on sales of $845 million in 2016. Dropbox will start trading Friday on the Nasdaq under the ticker DBX.

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Micron Technology Inc. said Thursday afternoon that a production facility was experiencing issues that are likely to affect its memory output this quarter, as the memory-chip company faces heavy demand for its products. Micron Chief Executive Sanjay Mehrotra said in an earnings conference call Thursday afternoon that nitrogen supply needed to build dynamic random access memory, or DRAM, chips at one of its facilities had been disrupted as of Tuesday, and it could pull down DRAM production by 2% to 3% this quarter. “Our teams are working around-the-clock to recover from the situation and expect to return to full production within the next week,” Mehrotra said. Micron’s forecast still beat expectations despite accounting for the issue. Micron stock was one of the strongest performers of 2017 on the S&P 500 index largely thanks to heavy demand for memory chips pushing prices higher. Shares were jagged after the company released earnings Thursday afternoon, with a sharp fall rebounding to slight positives before turning slightly negative again after the disclosure.

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Pest control company Terminix, a ServiceMaster Global Holdings Inc. brand, seeks to fill 700 open positions at its National Hiring Day event on March 24. Positions will range from sales to customer service to management. ServiceMaster shares are down 2.7% for the last three months, but up 25.6% for the last year. The S&P 500 index is up 12.6% for the past 12 months.

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Shares of Nike Inc. rose more than 2% late Thursday after the company swung to a surprise loss in the fiscal third quarter thanks to the U.S. tax overhaul, but its sales beat Wall Street expectations. Nike said it lost $921 million, or 57 cents a share, in the quarter, versus earnings of $1.1 billion, or 68 cents a share, in the year-ago quarter. Revenue increased 7% to $9 billion, compared with $8.4 billion a year ago. Analysts polled by FactSet had expected earnings of 53 cents a share on sales of $8.8 billion. The tax overhaul resulted in one-time provisional charges that reduced earnings per share by $1.25, Nike said.

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The Dow Jones Industrial Average dropped more than 700 points in Thursdau afternoon trade as losses accelerated with less than a half-hour left of trade, pushing the blue-chip gauge beneath a psychologically significant level at 24,000. The Dow was recently off around 720 points at its nadir, or 2.9%, at 23,939. The S&P 500 index was off 2.5% at 2,644, while the Nasdaq Composite Index shed 168 points, or 2.3%, at 7,175.

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The largest exchange-traded fund to track the financial sector slumped on Thursday, dropping to a six-week low. The Financial Select Sector SPDR ETF fell 3.2% to $27.81, its lowest level since Feb. 9. It was also on track for its biggest one-day decline since that date. Separately, the SPDR S&P Bank ETF fell 3.2%, as did the SPDR S&P Regional Banking ETF . Losses in the sector were widespread. Among the most notable losers, Morgan Stanley fell 4%, as did Bank of America Corp. while Goldman Sachs Group Inc. was down 3.1%. Regions Financial lost 4.5%. The Dow Jones Industrial Average lost 2.6% while the S&P 500 was down 2.2% and the Nasdaq Composite Index was off 2.1%. The day’s losses came on renewed concerns about trade policy after President Donald Trump instructed the office of the U.S. Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the U.S. considers vital to the U.S. economy in the years ahead. Other factors also weighing on equities were the latest policy update from the Federal Reserve, which painted a mixed picture out the outlook for interest rates, and reports of the resignation of President Trump’s lead attorney.

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The Dow Jones Industrial Average was seeing losses gathering steam in Thursday afternoon trade, putting the blue-chip gauge on the verge of registering its steepest single-session decline since Feb.8. Back then in early February, the Dow fell 1,033 points, or 4.2%, as inflation fears perked up. Thursday’s downtrend, which was broad based, came as investors fretted about the effect of a potential trade war between China and the U.S., and as the market digested the latest policy update from the Federal Reserve. Recent reports of the resignation of President Donald Trump’s lead attorney, handling the Russia probe, also appeared to rattle investor confidence. More broadly, the S&P 500 index was off 2.2% at 2,652, while the Nasdaq Composite Index was off 2.1% at 7,194.

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The largest exchange-traded fund to track the metals and mining sector tumbled on Thursday, as concerns mounted over the Trump administration’s trade policies. The SPDR S&P Metals & Mining ETF sank 5% and was on track for its biggest one-day percentage drop since September 2016. Among its biggest components, U.S. Steel Corp. fell 9.9% while AK Steel Holding was down 8%. Nucor Corp. was down 5.6%. Alcoa Inc. tumbled 6%. The VanEck Vectors Steel ETF was down 6%. Trade issues referred to the forefront of the market after President Donald Trump instructed the office of the U.S. Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the U.S. considers vital to the U.S. economy in the years ahead. The administration had previously called for tariffs on steel and aluminum.

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The Dow Jones Industrial Average was seeing heavy selling Thursday afternoon, with all of its 30 components trading in negative territory, led by a sharp drop in Boeing Co. Shares of Boeing were contributing more than 100 points to the blue-chip gauge’s nearly 600-point afternoon drop. The Dow most recently was off 590 points, or 2.4%, at 24,091, the S&P 500 index was down 2.1% at 2,656, while the Nasdaq Composite Index was down 1.9% at 7,206. The slump for equities comes as investors wrestled with import tariffs announced by President Donald Trump’s administration on China and jitters around the Federal Reserve’s ability to avoid pushing the economy into recession as it normalizes monetary policy from crisis-era levels amid fiscal stimulus that risks overheating an economy that is roughly in its ninth year of expansion

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The Business Roundtable, an association of chief executive officers that promotes pro-economic and business public policies, criticized President Donald Trump’s announcement of tariffs on Chinese products totaling up to $60 billion. The Business Roundtable’s members include CEOs of 22 of 30 Dow Jones Industrial Average components, including Apple Inc.’s Tim Cook, Boeing Co.’s Dennis Muilenburg, Exxon Mobil Corp.’s Darren Woods, General Electric Co.’s John Flannery and J.P. Morgan Chase & Co.’s Jamie Dimon. BR said in a statement: “Unilaterally imposing tariffs or other restrictions without a long-term strategy to bring about reforms in China will only raise prices in America, make American companies and products less competitive, and harm U.S. workers and consumers.” Instead, BR recommended an approach centered around several strategic priorities, including working with international partners to identify unfair trade barriers and practices that China must remove, setting deadlines for reforms and outlining actions the U.S. will take if the reforms aren’t undertaken.

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